InvestorPlace – Stock Market News, Stock Advice & Trading Tips
Growth stocks are great for investors, especially during a bull market. A surprising number of stocks have experienced their share prices double, triple, or quadruple over this past year, making this a booming market for many different stocks.
A number of growth companies still have room to grow and develop. They are on the cutting edge of developing innovative solutions within their given industries. And offer unique investment opportunities that may soon become less prevalent.
Here are a few companies that have seen their share price grow by multiples in the last year and reported double-digit revenue growth in their most recent earnings report, giving them sustained growth potential.
American Superconductor (AMSC)
Source: Shutterstock
American Superconductor (NASDAQ:AMSC) is a large-scale power solutions and management company that provides energy transmission under its GridTec brand for renewable energy and other electric utilities. It also develops wind turbines and similar technology under its WindTec brand.
AMSC’s share price has more than tripled in the past year, partly due to strong earnings, a robust backlog, and a new sizable multi-year contract.
American Superconductor reported earnings on May 29 for the fourth quarter of fiscal year 2023. Total revenue increased by 32.4% to $42 million, and its net loss shrank by 77% to approximately $2 million compared to the previous year. For the first quarter of FY 2024, AMSC predicts that revenue will be in the range of $38 million to $42 million.
On June 12, American Superconductor was awarded a sizable multi-year contract totaling $75 million with a Canadian shipbuilder to provide ship protection hardware for the Royal Canadian Navy.
AMSC has been rapidly growing recently due to the factors mentioned above. It is a stock that could continue to offer investors upside potential. With its recent addition to the Russell 3000 Index, it may start to receive more attention.
GigaCloud Technology (GCT)
Source: William Potter / Shutterstock.com
GigaCloud Technology (NASDAQ:GCT) is an e-commerce company that primarily ships large parcels such as appliances, furniture, and fitness equipment.
On May 9, GCT announced its first quarter earnings for 2024, in which it stated that total revenue increased by 97% to $251 million and net income rose by 71% year-over-year. Its total active buyers and active spend per buyer both increased by 29% and 27%, respectively. GigaCloud Technology expects that total revenue for the second quarter will be in the range of $265 million to $280 million.
Its share price has more than tripled this past year due to strong earnings growth and continued growth potential.
GigaCloud Technology was just added to the Russell 2000, an index comprised of small-cap stocks, following its annual rebalancing on June 28.
GCT has experienced remarkable growth over the last year and is expected to continue. Investors should strongly consider this stock due to its potential and considerable upside.
AppLovin (APP)
Source: shutterstock.com/T. Schneider
AppLovin (NASDAQ:APP) is an application software company that provides an advertising platform for monetizing content. Its flagship products include MAX, AppDiscovery, and Adjust, which are all in-app marketing software.
Over the last year, its share price has tripled, partly due to new product rollout and earnings growth.
On May 8, AppLovin reported earnings for the first quarter of 2024, stating that total revenue increased by 48% to $1.1 billion year-over-year and net income rose to $236.2 million.
AppLovin beat analysts’ predicts for first-quarter earnings, which resulted in a jump in share price directly following earnings.
AppLovin announced its new Axon Engine 2.0, which utilizes artificial intelligence. It enables AppLovin to reach more viewers beyond a mobile app platform, which could lead to an overall increase in revenue following its implementation.
APP is a stock that has grown considerably, partly due to the buzz surrounding generative AI technology and very strong financials.
As of this writing, Noah Bolton did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Noah has about a year of freelance writing experience. He’s worked with Investopedia dealing with
topics such as the stock market and financial news.
More From InvestorPlace
The post 3 Growth Stocks That Could Be Multibaggers in the Making: July Edition appeared first on InvestorPlace.
